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Brokers bring in business at booming Coventry

Coventry Building Society is thanking brokers for a 24 per cent rise in its net mortgage lending in the first half of this year.

The mutual’s net lending leapt to £851m from £706m in the first half of 2007.

Coventry’s share equates of the total net mortgage market has almost tripled to to 3 per cent and represents around a quarter of total net lending by building societies. HBOS recently revealed it only had a 7 per cent market share.

Profits for the group, which includes intermediary arm Godiva Mortgages, rose by 8 per cent to £35.5m.

Coventry head of sales and managing director of Godiva Colin Franklin says a lot of the success is down to brokers. He says: “Much of growth is intermediary-led, in excess of 80 per cent is thanks to them. We think that brokers are coming to us because we have stuck to our pledges – no dual-pricing and 48 hours’ notices on pulled products. We have worked hard with intermediaries and that has paid off.”

Coventry, the UK’s fourth-biggest building society, says mortgages and other loans grew by 7 per cent to £862m in the half-year and by £1,930m since June 2007– an 18 per cent rise.

The society also says that just 0.18 per cent of its accounts are more than six months in arrears, one-third of the Council of Mortgage Lenders’ average.

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